Lets mentor the sole traders - Sunday Times, 01/02/15
Posted on the 1 February 2015
The growth in self-employment highlighted in your article “Self-employed, and we like it that way” (Business, 25/1/15) may have come about through a level of necessity, but it represents an opportunity for the UK to boost employment.
Figures released by the Department for Business Innovation and Skills at the end of 2014 showed that the number of businesses, here in the North East of England, had grown by 12% to 150,655. More than 74% of these businesses have only one member of staff.
It is vital that we understand the need to nurture these individuals, as they have the potential to be the employers of the future. One of the best ways of doing so is through mentoring support from other entrepreneurs.
All net new jobs are created by businesses in their first five years, and 70% of those organisations, which are supported by a mentor, survive after that five year period. That’s twice the rate of those which do not.
Imagine if even only a third of those “sole trader” businesses employed a single person over the next year, that’s more than 37,000 jobs created in the North East alone.
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